Create Reversing Entries

Use the Create Reversing Entries routine to generate reversal journal entries for unposted adjustments made in a previous period. Any reversing entries specified with Journal Code RE during Enter Manual Transactions can be automatically reversed by this routine during a later Period. This routine creates reversing entries for all RE journal entries in the Reversing Entry Period (usually the prior Period).

Notes:

There are 2 routines for reversing entries - Create Reversing Entries and Reverse Journal Entries. Create Reversing Entries you must manually create the reversing entries in the original period using the journal code, RE (Reversing Entry) and with Reverse Journal Entries you select the entries to reverse, and they are automatically removed from the period and then created in the new period that you select. To add Reverse Journal Entries to your menu, please contact NDS Support for assistance at support@ndsys.com.

You can only reverse RE transactions that have not yet been posted.
The reversing routine checks if entries for the Reversing Entry Period have already been reversed. It also checks if the entered periods have been closed.

Example:

In July use the Enter Manual Transactions program to enter a reversal journal entry with Journal Code RE. Credit Account Number #100-11003 and Debit Account #100-13050.

Manual Entry in November:

In August run Create Reversing Entries, entering July as the Reversing Entry Period and August as the Create Entries for Period. The program automatically creates the RT transactions to reverse the RE transactions. Now Account #100-13050 is debited and #100-11003 is credited.

Create Reversing Entries in December:

To see an example of the report, click Create Reversing Entries Report Sample.

Directions:

To open:

1. Click Utilities from the menu.

2. Click Create Reversing Entries.

Tip: Or, use the keyboard shortcut: [ALT] [a] [v].

Note: You may also be able to access the General Ledger menu while in another INVISION application. To activate the General Ledger menu in another application, the G/L Application Control must be set up for the application during installation.

Create Reversing Entries Window Example:

Create Reversing Entries Prompt Options

Posting Date

To accept the system date as the Posting Date, click [TAB]. Or, you can enter a different Posting Date. (mmddccyy - century and slashes optional)

Note: If the Posting Date falls outside the Period Closing Date, a warning displays.

Reversing Entry Period

To specify the period of the journal entries that are to be reversed, click the period in the drop-down list.

Tip: This is usually the period prior to the create entries for period.

Create Entries for Period

To specify the period for the journal entries that will reverse the adjustments in the Reversing Entry Period, click the period in the drop-down list.

Tip: This is usually the period following the Reversing Entry Period.

Note: If you specify a period that is already closed, you will see the following message:

You can correct the period. Or, if you are certain that you want to post to a closed period, you can open the period using Period Descriptions Maintenance and then create reversing entries.

To run the routine, click Proceed, or press [ENTER].

Keyboard shortcut: [ALT + p]

To run the routine and print to the Print View screen, click Print View .

To escape from the routine, Click Cancel .
Keyboard shortcut: [ALT + c]